NJGK(SH:600064) KAIYUAN SECURITIES·2025-09-01 03:03Investment Rating - The investment rating for Nanjing Gaoke is maintained at "Buy" [10][15] Core Insights - The company has achieved a significant increase in total operating revenue and net profit attributable to the parent company, with a year-on-year revenue growth of 87.39% and a net profit growth of 35.04% for the first half of 2025 [6][8] - The company is expected to maintain its profit forecast, with projected net profits of 2.21 billion, 2.44 billion, and 2.56 billion yuan for 2025 to 2027, respectively [5][6] - The company has successfully advanced its equity investment projects, with investment income reaching 1.258 billion yuan, a year-on-year increase of 19.01% [8] Financial Performance Summary - In the first half of 2025, the company reported total operating revenue of 1.96 billion yuan, with a net profit of 1.381 billion yuan and a non-recurring net profit of 1.352 billion yuan [6] - The gross profit margin and net profit margin were recorded at 22.53% and 71.30%, respectively, with the gross profit margin increasing by 5.61 percentage points [6] - The company's asset-liability ratio stood at 47.92%, with a current ratio of 1.26 and a quick ratio of 0.48 [6] Real Estate Business Performance - The real estate business achieved a contract sales area of 68,500 square meters, a year-on-year increase of 2437.04%, and a contract sales amount of 1.021 billion yuan, up 729.83% [7] - The revenue from real estate development and sales reached 1.38 billion yuan, reflecting a year-on-year increase of 211.32% [7] Equity Investment Progress - The company has made new investments in two projects and additional investments in another, with the average financing cost decreasing to 2.53%, down by 0.28 percentage points from the previous year [8]